Carborundum Universal rebounds on board nod for stock split

Carborundum Universal is trading higher by more than 1% at Rs 296, bouncing back more than 5% from the day’s low of Rs 283, after the board approved the proposal to sub-divide the equity shares of the company from face value of Rs 2 each to Rs 1 each.

“The company has convened an extraordinary general meeting in September 2011 for seeking the approval of the shareholders for the proposal. The record date for the sub-division will be fixed after the shareholders approval is received," the company said in a filing to the stock exchanges.

 

Meanwhile, the company reported a 20% y-o-y growth in net profit at Rs 52.2 crore for the first quarter ended June 30, 2011. Net sales grew 32% at Rs 465 crore on a y-o-y basis.